Member Info for ocelot

In truth, borrowings of £3.31m are a form of quasi-equity because they can only be repaid on determination by the board of HHDL, controlled by UKOG, and UKOG is itself owed £17.8m by HHDL.

"There will be a Parent Company Guarantee attached to the funds outstanding to Alba and Doriemus, so it's semantics with respect to which subsidiary actually owes the cash - and any due diligence audit will pick that up".

Where is the evidence to support your assertion, ZYX098? because, on page 51 of UKOG's last annual report, HHDL is NOT included on the list of subsidiaries whose liabilities have been guaranteed by UKOG:

"UK Oil & Gas Plc has guaranteed the liabilities of the subsidiaries listed below under section 479A of the Companies Act 2006

in respect of the year ended 30 September 2023 (note: think that should have been 2024, not 2023).

• UK Energy Storage Ltd – 14108327

• UKOG (234) Ltd – 07055133

• UKOG (GB) Limited – 04050227

• UKOG (137/246) Holdings Ltd – 09010542

• UKOG (137/246) Ltd – 06807023

• UK Oil & Gas Investments Ltd – 11252712

• UKOG (Turkey) Ltd – 10212262

• UK Geothermal Ltd – 13386906"

Think the problem lies above all with the money coming in, not that going out. Production has not met expectations and with it, revenue.

The workover of 2 wells is encouraging news. Further out, think an additional well may need to be drilled (but am not a technical expert).

"A positive update from Angus, which has clearly secured the support of the Company's main lender, Trafigura, to reinvest cash flows that were likely earmarked for debt repayment instead into production enhancement projects at its key Saltfleetby asset".

note: the Analyst Comment is that of David Mirzai of SP Angel, Angus's Nomad, who is well placed to know what he is talking about (see the ANGS Company Research button above).

Insertwittyname,

Good observation. you could go on the hub and put your question to Alba.

Agreed, exciting times.

At $4,330.60 (£3,242.63) spot gold is within 2% of its all-time high. We know the very substantial premium Clogau gold commands over the spot price. And we also know how very low is Alba's share price. At the first sign of success for the blasting programme, the share price response could prove quite spectacular.

A positive update from Angus, which has clearly secured the support of the Company's main lender, Trafigura, to reinvest cash flows that were likely earmarked for debt repayment instead into production enhancement projects at its key Saltfleetby asset.

With gold well over $4,000 it is interesting to see how companies with previously sub par and sub scale portfolios in the space are having their day in the sun. It would very well be the case that even ALBA joins the glitterati given the positive environment we have at the moment.

In addition to the RNS, what is very positive is ... this board - 59 posts so far, it has been a long time since the board was as animated.

It is reassuring to see so many posters expressing an interest in Angus after 7 months today of suspension.

Very positive, both in the announcement itself and in its tone.

Well done, Alba!

On the potential asset side:

1/ the owners of the group of producing assets in the Gulf of America/Mexico;

2/ the US-based offshore operator;

Among the creditors:

3/ Trafigura;

4/ the overriding royalty interest holders (5% to Aleph entities, 3% to Mercuria). Aleph Commodities Ltd is also a 4.25% shareholder in Angus and Atanas Djumaliev, (a managing partner and co-founder of Aleph Commodities) is a 3.68% shareholder;

5/ Forum Energy Services Ltd which is also a 16.21% shareholder in Angus.

The link from yesterday's update:

https://rareearthexchanges.com/news/new-greenland-study-reveals-how-rare-earths-become-mobile-and-why-chinas-processing-monopoly-still-holds-the-cards/

Agreed, JamesConroy, it is all a question of their potential value.

Should it look, at some stage, as if they can be used, then a deferred tax asset can be set up and the balance sheet improved by the amount of that asset.

Planning officer, Sian Saadeh replied:

“Necessary information was still being prepared as of the 15th of December.

“There were a number of surveys that the applicant had to undertake because they needed to be updated and, due to the passage of times since they had previously been done, they were received, I think, later than they had hoped.

“And then they [UKOG] have to assess those surveys and prepare the Environmental statement.

“We are being advised that we can expect that now in the early part of the new year, although I don’t have a specific date. But we are assured [the work is] well underway in terms of its process and should be with us in early 2026, at which point public consultation can begin.”

Planning officer, Sian Saadeh replied:

“Necessary information was still being prepared as of the 15th of December.

“There were a number of surveys that the applicant had to undertake because they needed to be updated and, due to the passage of times since they had previously been done, they were received, I think, later than they had hoped.

“And then they [UKOG] have to assess those surveys and prepare the Environmental statement.

“We are being advised that we can expect that now in the early part of the new year, although I don’t have a specific date. But we are assured [the work is] well underway in terms of its process and should be with us in early 2026, at which point public consultation can begin.”

It's a proposition which will have to go through the EU's decision-making machinery.

It could prove counter-productive because won't stop Chinese car manufacturers from continuing to innovate but will take some of the pressure off European manufacturers to do so.

Https://drillordrop.com/2025/12/17/horse-hill-key-details-delayed/

Fair enough - thank you, asllankukeli.

Https://drillordrop.com/2025/12/17/horse-hill-key-details-delayed/